Published On: Tue, Jul 26th, 2016

Consumer prices in Curacao: June 2016; Prices 0.4 percent higher than in the month of May 2016

WillemstadWILLEMSTAD - The consumer price index rose by 0.4 percent in the month of June 2016.

An average price decrease can be observed from 0.4 percent measured of the twelve months to June 2016, compared to the same period a year earlier. Inflation is 0.4 percent.

In June, the most notable price changes occur in the spending department "Transport and Communication", "Power" and "Furnishings and household goods".

This is evident from the data announced by the Central Bureau of Statistics (CBS) this week.

Price trend during the month of June 2016

The consumer price index (CPI) of Curaçao in June 2016 compared to May 2016 increased by 0.4 percent, from 122.7 to 123.2.

Especially three spending categories showed significant price changes during the last month (June 2016).

First, the spending category "Transport and Communication" (+ 1.3%), mainly characterized by the fact that gasoline has become 11 percent more expensive.

Second, the spending category "Nutrition" (+ 0.5%), which is mainly influenced by the price increase of the product group "potatoes, fruit and vegetables" with an average of 3 percent. The target price level of "potatoes, vegetables and fruit" in the month of June 2016 is 11 percent higher than the price level of this product group in the month of June 2015. This figure (+ 11%) only indicates how much more expensive the product group was in June this year compared to the same month a year earlier. How much more or less expensive the product group "potatoes, vegetables and fruit" has become in a full year is evident from the inflation rate for this product group by comparing the two identical 12-month averages together: June 2016 (245.4) June 2015 (231.6). This comparison shows that during the past year (June 2015 - June 2016) the product group "potatoes, vegetables and fruit" in Curaçao has become an average of 6 percent more expensive.

Thirdly, it is worth mentioning that in the spending category "Furnishings and household goods' (-0.6%) especially the drop in the price of cut flowers by 19 percent has played a significant role.

Price development compared to a year ago and long-term inflation

The consumer price index in June 2016 (123.2) was 0.5 percent lower than in June 2015 (123.8). As far as the average price of consumer goods and services goes, this figure (-0.5%) indicates that the month of June this year was 0.5 percent cheaper than the month of June last year.

The twelve-month average price in June 2016 was 0.4 percent lower than in June 2015. This is a decline in the 12-month average consumer price index from 124.0 to 123.5. This figure (-0.4%), according to the CBS, gives a good picture of long-term inflation.

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